Truck fleet manager Ryder Systems (R) is down by almost 10%, off $3.49 at $33.85, after the company this morning reported Q4 �earnings per share of 41 cents, 6 cents below analysts’ estimates. Revenue fell 7% to $1.25 billion, in line with expectations.
And it looks like the company will continue to have trouble meeting expectations: the outlook for this year calls for revenue of $4.9 billion, which is about as expected, but profit per share of just $1.80 to $1.95, below the average $2.11 estimate.
The pain starts this quarter, with Ryder forecasting profit per share of 17 cents to 22 cents, well below the average 35-cent estimate.
CEO Greg Swienton commented, “Fleet Management Solutions customers continued to cope with reduced freight activity by downsizing their fleets, primarily at the end of their contractual term. There were a number of areas that showed some positive improvement.”
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